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LAWS OF MARYLAND

Ch. 33

In subsection (b) [1} of this section, the present
reference to "liability for any sum ... due to
any payee" is deleted as unnecessary, in light of
the broad reference to "any liability incurred on
a draft".

As to subsection (c) (5) of this section, the
Commission to Revise the Annotated Code notes
that the test of solvency is not defined. The
General Assembly may wish to clarify this
provision.

In subsection (d)(2)(ii) of this section, the
phrase "$75,000 or less" is substituted for "less
than $75,000" to correct a gap in the present
law, which does not provide for any bond if the
amount is $75,000 exactly.

12-411. AGENTS.

(A)   IN GENERAL.

EACH AGENT THAT A LICENSEE NAMES UNDER A LICENSE IS THE
DESIGNATED AGENT OF THE LICENSEE FOR ALL PURPOSES IN
CONNECTION WITH THE LICENSEE'S BUSINESS UNDER THAT LICENSE.

(B)   AGENT FEE.

EACH LICENSEE SHALL PAY TO THE BANK COMMISSIONER, AS
PROVIDED IN THIS SECTION, AN ANNUAL AGENT FEE OF $4 FOR EACH
AGENT OF THE LICENSEE WHO IS NOT A PERSON EXEMPTED FROM THE
LICENSING PROVISIONS OF THIS SUBTITLE BY § 12-402 OF THIS
SUBTITLE.

(C)       NEW LICENSE PAYMENT.

WITH THE APPLICATION FOR A NEW LICENSE, THE APPLICANT
SHALL PAY FOR THAT LICENSE YEAR THE REQUIRED AGENT FEE FOR
EACH AGENT WHO IS NAMED IN THE APPLICATION AND FOR WHOM A
FEE IS REQUIRED UNDER SUBSECTION (B) OF THIS SECTION.

(D)   JULY REPORT AND PAYMENT.

(1)   ON OR BEFORE JULY 10 OF EACH YEAR, EACH
LICENSEE SHALL FILE WITH THE BANK COMMISSIONER A REPORT
THAT:

(I)   IS IN THE FORM THAT THE BANK
COMMISSIONER REQUIRES; AND

(II)   IS SIGNED AND VERIFIED BY THE
LICENSEE.

(2)   THIS REPORT SHALL INCLUDE, AS OF JULY 1 OF
THAT YEAR:

(I) THE NAME, BUSINESS ADDRESS, NATURE OF